#536 - ☀️ FTC Dealer Updates

TOGETHER WITH

Our emails are crafted for relevance. First, you'll find the UAW update, followed by vital business moves. These segments are designed to keep you aware of and facing imminent, potential, and future challenges.

We cherish the incredible impact your business has on the community. ASOTU loves what dealers do for their towns and cities. Still, we know to keep having such a positive impact, the company must thrive. We aim to support both with all our hearts.

In short, to achieve "More than cars," victory in the "cars" segment is non-negotiable every. single. time.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

UAW UPDATE BY ASOTU

• GM and UAW make a tentative deal, bringing the 6-week strike to an end.

• Not UAW, but a deal between Stellantis and the Canadian auto worker’s union, Unifor, has ended a brief labor strike there also.

TODAY’S LOT WALK

• Business: FTC announces changes to breach reporting, Ford takes to the sky, BYD grows in authority, and Tesla leaks its new bike seat (?). 🚲

• Data & Insight: Dive into this week's market ups and downs. 🤿

• MTCM: DeNooyer Chevrolet — cool trunks, lots of treats. 👻

Reading time: 5 mins 09 secs

BUSINESS

Just The Business

FTC's Data Breach Reporting Rule for Dealerships

Car dealerships must report specific data breaches to the FTC following a 3-0 unanimous vote. Institutions must inform within 30 days of a security breach affecting 500+ consumers.

Unauthorized access to unencrypted customer data also needs reporting. The rule kicks in 180 days after Federal Register publication. The National Automobile Dealers Association voices concerns.

Ford's Drone Delivery at Michigan Central Station

Ford takes flight with drone deliveries at Detroit's Michigan Central Station. Soon, drones will deliver meds, food, and more to locals. It's part of the Advanced Aerial Innovation Region initiative and a push for FAA approval for extended drone flights.

Collaborating with Michigan's DOT and Airspace Link, Ford aims at the projected $50B drone market by 2030, blending tech with real-world solutions.

BYD's Electric Momentum in Japan

BYD, China's EV powerhouse, celebrates an 82.2% profit surge at $1.42 billion in Q3. Making a splash at the Japan Mobility Show, BYD marked its entry as the first Chinese automaker present.

They unveiled the electric sedan Seal, targeting a 2024 Japan launch. Motorsport legend Keiichi Tsuchiya, the "Drift King," championed BYD's entrance. With 15 showrooms and 85 more planned by 2025, BYD electrifies the Japanese EV scene.

Tesla Updates: Cybertruck Event & Model S Seats

Tesla's Cybertruck event is on for November 30 at the Texas Gigafactory. A lottery system offers shareholders a chance for event passes—entries close on November 3. Check shareholder status on Tesla's website for access.

Meanwhile, a glimpse into the service manual showcases new sports seats for the Model S Plaid—sporty design, unique headrest, and a Plaid logo. The Model S just got sleeker.

TOGETHER WITH VEHICLES FOR CHANGE

Reshaping Lives

Vehicles for Change is about more than cars in a big way. They’re reshaping lives and the industry through transformative training, support, and employment. 

By championing those re-entering society post-incarceration, Vehicles for Change paves the path to reinvigorated families, decreased recidivism, and new opportunities.

Every graduate enters the hiring pool with top-tier auto tech skills and an average of three ASE certifications. Vehicles for Change makes it easier for many dealers to boost their teams, uplift their community, and craft a brighter tomorrow.

Contact Vehicles for Change and be the change you wish to see! 🌟

DATA & INSIGHT

Market Cycle

📈 Ups:

• Consumer Spending: Spending on retail saw a massive 4.8% jump (up from 0.5% in Q2).

• New Home Sales: New home sales are showing a robust 12.3% increase from August, and 33.9% YOY. 

• Travel Budget: Wallets are filling back up with a 6% YOY drop in gas prices so far this month (to an average $3.52/gallon as of October 26th).

• Real GDP: Increased to 4.9% YOY in Q3 (up from 2.1% in Q2).

 
📉 Downs:

• Consumer Savings: Declined to 3.4% (the lowest level so far this year).

• Existing Home Sales: Experienced a dip in September, indicating a consumer penchant for newness.

• Consumer Moods: The University of Michigan reported a 6.0% dip in consumer sentiment this month (though the tide has begun to turn as gas prices continue to drop).

• EV Sales: Are facing some speed bumps, with slowing sales and inventories beginning to pile up.

• Wholesale Prices: Overall, the wholesale market is depreciating across all segments, but the rate of decline is below what is typical for the time of year.

🔑 Takeaways to Consider:

💭 Consumers Gon’ Consume — People are willing to open their wallets right now…if the price is right. Capitalize on it by offering promotional deals, special financing options, or loyalty programs to attract and retain customers.

💭 Variety is the Spice of Life — Vehicle types are showing varied performance. Keep a diverse range available and adjust inventory based on your local market demands.

💭 EV Worries — A dip in EV demand has caused a revaluation of the electric car market. Stay extra cautious with those investments.

AROUND THE ASOTU-VERSE

Coming Soon

• TODAY, OCTOBER 31 @ 1:00 pm EST
  The ASOTU Wheelhouse, Hosted By Daniel Govaer
  Join us every two weeks for an around-the-horn-style discussion about the issues facing the automotive retail industry. Today’s episode features Bob Lanham, Jen Suzuki, Andrew DiFeo, and Liza Borches.

  🎧 Listen here 🎧
   

• NOVEMBER 16 @ 2:00 pm EST
  ASOTU EDGE 30-Minute Webinar in partnership with Invoca
  “Revolutionizing Phone Call Management: Adapting to the Digital Era.”
  Discover how the automotive industry is revolutionizing phone call management, personalizing marketing through call data, and enhancing customer experiences with cutting-edge tools like Invoca's AI technology. Dive in, decode, and drive success in today's digital age!

  ☎️ Register now ☎️
   

• FEBRUARY 1-4, 2024
  NADA 2024 in Las Vegas
  Lights, camera, actions! Paul and Kyle will be at NADA creating content for exhibitors. Hit us up to let us know what we should see, who we should talk to, and what we should cover while we’re there.
  🎤 Don’t miss a thing 🎤
   

• MAY 14-17, 2024
  ASOTU CON 2024 in Baltimore
  The design team is putting the finishing touches on elements and assets for the event. All participants and collaborators can expect to see the release during the first week of November!
  🗓 Add it to your calendar 🗓

MORE THAN CARS MOMENTS

DeNooyer Chevrolet’s Trunk or Treat

The DeNooyer Chevrolet team hosted their Trunk or Treat last week with an outstanding turnout! 🎃🍭👹🍫

The slideshow above is a mix of the pictures the dealership posted on their Facebook page following the event.

The post features a list of community partners who helped bring the event to life that shows, in its own way, just how connected and essential a role dealers play in their town.

“We also want to thank some of our partners, including The Pumpkin Lot/Kortokrax Pumpkins, Oshtemo Family Dentistry, West Main Biggby, Larue's Family Restaurant, Advia Credit Union, WMU Public Safety, Air Zoo Of Kalamazoo, Kalamazoo Speedway, Mcdonald’s Towing, AmalAmazing Face & Body Paint, Kary and Western Michigan University (along with Buster!!) for making last night such an amazing time!”

Amazing work bringing your community's leaders together to serve families, DeNooyer team!

Quick Hits

• Blue Origin has unveiled a model of its lunar lander. 🚀

• “Five Nights at Freddy’s” breaks two box office records with $130M worldwide. 🍿

• Scientists found that the moon is 40M years older than once believed. 🌖

• Eminem drops "Mom's Spaghetti" pasta sauce. 🍝

History

• 1941: The Mt. Rushmore sculpture is completed after Gutzon Borglum and 400 stone masons sculpt the colossal 60-foot carvings of US presidents. The project started on October 4, 1927, representing the first 150 years of American history. ⚒️

• 1957: The Chevrolet Impala is announced. 📣

• 1957: Toyota establishes American headquarters. 🇺🇸